Extracting Information or Resource ? The Hotelling Rule Revisited under Asym- metric Information
David Martimort
- Fonction : Auteur
- PersonId : 1043577
- ORCID : 0000-0002-4185-8703
- IdRef : 070009635
Francesco Ricci
- Fonction : Auteur
- PersonId : 170384
- IdHAL : francesco-ricci
- ORCID : 0000-0002-2134-3681
Résumé
A concessionaire has private information on the initial stock of resource. A “virtual Hotelling rule” describes how the resource price evolves over time and how extraction costs are compounded with information costs along the optimal extraction path. Fields which are heterogeneous in terms of their initial stocks follow different extraction paths. Resource might be left unexploited in the long run as a way to foster incentives. The optimal contract may sometimes be implemented through royalties and license fees. With a market of concessionaires, asymmetric information leads to a “virtual Herfindahl principle” and to another form of heterogeneity across active concessionaires.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Titre |
en
Extracting Information or Resource ? The Hotelling Rule Revisited under Asym-
metric Information
|
Résumé |
en
A concessionaire has private information on the initial stock of resource. A “virtual Hotelling rule” describes how the resource price evolves over time and how extraction costs are compounded with information costs along the optimal extraction path. Fields which are heterogeneous in terms of their initial stocks follow different extraction paths. Resource might be left unexploited in the long run as a way to foster incentives. The optimal contract may sometimes be implemented through royalties and license fees. With a market of concessionaires, asymmetric information leads to a “virtual Herfindahl principle” and to another form of heterogeneity across active concessionaires.
|
Auteur(s) |
David Martimort
1, 2
, Jérôme Pouyet
3
, Francesco Ricci
4
1
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
2
PJSE -
Paris Jourdan Sciences Economiques
( 1171428 )
- 48 boulevard Jourdan 75014 Paris
- France
3
THEMA -
Théorie économique, modélisation et applications
( 10592 )
- 33, boulevard du Port 95011 Cergy-Pontoise Cedex
- France
4
UMR ART-Dev -
Acteurs, Ressources et Territoires dans le Développement
( 107303 )
- Université Paul-Valéry - Site de Saint-Charles - Route de Mende - 34 199 Montpellier Cedex 5
- France
|
Numéro |
2
|
Audience |
Internationale
|
Comité de lecture |
Oui
|
Vulgarisation |
Non
|
Volume |
49
|
Langue du document |
Anglais
|
Date de publication |
2018
|
Nom de la revue |
|
Page/Identifiant |
311-347
|
Domaine(s) |
|
DOI | 10.1111/1756-2171.12233 |
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